Results pull Aust shares lower

The Australian share market has eased back from morning gains as a slew of negative earnings reports weigh on an overnight boost courtesy of record highs on Wall Street.

At 1047 AEDT, the benchmark S&P/ASX200 index was down 0.05 per cent to 5,808.6 points, after opening higher.

Australian Stock Report head of research Chris Conway said investors were taking their cues from US share markets which rose to record highs overnight with the Dow Joines index and S&P 500 index closing 0.5 per cent higher and the Nasdaq up 0.6 per cent.

“The positive lead from Wall Street is the initial driver for our market,” Mr Conway said.

“But we have had a mountain of corporate earnings to absorb this morning and people will start to focus on them soon.”

He said most of the earnings results this morning were positive, however telco giant Telstra’s profit and growth numbers have missed market expectations.

Telstra’s shares were down four per cent, or 20.5 cents, to $4.985 in morning trade.

Boosting the market were gains from the big four banks.

Commonwealth Bank was up 50 cents, or 0.59 per cent, at $85.03, ANZ gained 22 cents, or 0.73 per cent, to $30.20, National Australia Bank climbed 14 cents, or 0.44 per cent, to $31.76 and Westpac was 30.5 cents, or 0.92 per cent higher, at $33.575.

Meanwhile, the Australian dollar has climbed higher against most currencies. It was 77.15 US cents, compared to 76.67 on Wednesday.

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